Codere Online Luxembourg (NASDAQ:CDRO) Shares Break Below 200 Day Moving Average - Here's Why

Key Points

• Codere Online Luxembourg shares fell below their 200-day moving average, trading as low as $8.46 and last changing hands at $8.52, down 5.9%.
• Analyst sentiment is mixed: the stock has an overall “Hold” consensus from three analysts, with a consensus price target of $10.00.
• Citadel Advisors increased its stake by 256.6% in the second quarter, while hedge funds and other institutional investors collectively own 10.3% of the company.

Codere Online Luxembourg, S.A. (NASDAQ:CDRO - Get Free Report)'s share price passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $8.91 and traded as low as $8.46. Codere Online Luxembourg shares last traded at $8.52, with a volume of 60,421 shares.

Analysts Set New Price Targets

A number of research firms have weighed in on CDRO. Wall Street Zen downgraded shares of Codere Online Luxembourg from a "buy" rating to a "hold" rating in a research report on Sunday, August 9th. Weiss Ratings upgraded shares of Codere Online Luxembourg from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, October 16th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Codere Online Luxembourg presently has an average rating of "Hold" and a consensus price target of $10.00.

Codere Online Luxembourg Trading Down 5.9%

The business has a fifty day simple moving average of $9.30 and a 200-day simple moving average of $8.91.

Institutional Inflows and Outflows

An institutional investor recently raised its stake in Codere Online Luxembourg stock. Citadel Advisors LLC increased its stake in shares of Codere Online Luxembourg, S.A. (NASDAQ:CDRO - Free Report) by 256.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 38,355 shares of the company's stock after acquiring an additional 27,599 shares during the quarter. Citadel Advisors LLC owned approximately 0.08% of Codere Online Luxembourg worth $367,000 at the end of the most recent quarter. 10.30% of the stock is currently owned by hedge funds and other institutional investors.

Codere Online Luxembourg Company Profile

Codere Online Luxembourg SA is an online gaming company that operates under the Codere brand. The company offers digital sports betting and online casino products through websites and mobile applications, providing customers with access to wagering on sporting events and a range of casino games.

Codere Online primarily serves regulated markets in Spain and Latin America, including Mexico, Colombia and Argentina. Its operations are supported by the broader Codere Group, an established gaming business with activities in retail and online markets.

The company became a publicly traded business on Nasdaq in 2021 following a business combination with a special purpose acquisition company.

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